# ETH will never earn fees

Source: https://x.com/ryansadams/status/2032509517229895823?s=12
Kiwi News: https://news.kiwistand.com/stories/ETH-will-never-earn-fees?index=0x69b55bceffc4101ce2624b4a41ab87fbbde32a2fd1ee265e12da6f9daf07c19f2e7efa94
Submitted by tim on 2026-03-14 UTC, 1 upvote, 0 comments

## Summary

The author argues that ETH will not earn meaningful fees for a long time, because Ethereum's roadmap plans to massively expand blockspace supply. Justin Drake's gigagas target in five years is cited as a 200x increase, and the author says fees only arise when demand exceeds supply, so low fees should be expected during this expansion. The author concludes that ETH should be valued as an emerging commodity money, like gold, silver, oil and bitcoin, which together are cited as worth $170 trillion, rather than as a fee-generating asset.

## Article

A truth bomb for you.

ETH will never earn fees.

Ok, never is a strong word - let me rephrase - ETH won't earn fees anytime soon or in sustained amounts necessary to justify a centa-billion dollar asset.

The reason is written in the roadmap. Ethereum intends to massively increase blockspace supply in the coming years. 

If we get to Justin Drake's gigagas in 5 years, that's a 200x increase in blockspace supply. ETH only generates fees when demand exceeds supply - demand won't outstrip supply during this rapid expansion era, that means low fees.

So if your reason for holding ETH is fee generation, sell now - send it to zero.

Or...re-consider how to value ETH. Consider what the market is already telling you.

What assets don't earn fees but are worth trillions?

Gold. Silver. Oil. Bitcoin.

Together worth $170 trillion in value.

Commodity money and store of value assets aren't priced on their ability to generate fees. They're priced on consumptive usage, and store of value demand relative to their scarcity.

ETH is scarce. Lower annual issuance than gold or bitcoin.

ETH has store of value demand. A censorship resistant digital money, a cyberpunk money, native to AI and the internet, economic bandwidth for DeFi.

You can try to value ETH as a fee generating DCF asset and continue to be confused or you can value it as the market already does.

ETH is an emerging commodity money.